DALLAS, April 2, 2007 /PRNewswire-FirstCall via COMTEX News Network/ — Dean Foods Company (NYSE: DF)
today announced the successful recapitalization of its balance sheet through
the completion of $4.8 billion of new senior credit facilities and the return
of $1.94 billion to shareholders through a $15.00 per share special dividend.
The new facilities consist of a combination of a $1.5 billion 5-year
senior secured revolving credit facility, a $1.5 billion 5-year senior secured
term loan A, and a $1.8 billion 7-year senior secured term loan B. The
Company also replaced its receivables facility with a new three year,
$600 million receivables facility. The Company’s publicly traded notes will
remain outstanding without modification.
The special dividend declared by Dean Foods’ Board of Directors was paid
today to shareholders of record as of March 27, 2007. Shareholders who sell
their shares prior to the April 3, 2007 ex-dividend date will also be selling
their right to receive the special dividend. Dean Foods common stock will
start trading on an ex-dividend basis beginning tomorrow, April 3, 2007, in
accordance with NYSE rules. Shareholders are advised to contact their
financial advisor for advice regarding their individual situations.
The total number of basic shares outstanding at the close of trading on
the record date of March 27, 2007 was 129.6 million, resulting in a total
aggregate dividend of $1.94 billion.
For U.S. federal income tax purposes, shareholders will receive a Form
1099-DIV in early 2008 to notify them of the division between the dividend and
non-dividend portions of the special dividend. The process of determining
these amounts, which entails a comprehensive review and analysis of the
Company’s financial history, is well underway. Shareholders are encouraged to
consult with their own tax and financial advisors regarding the implications
of this special dividend.
The $4.8 billion fully underwritten financing package was arranged by J.P.
Morgan Securities Inc., Banc of America Securities LLC, and Wachovia Capital
Banc of America Securities LLC acted as financial advisor to Dean Foods on
About Dean Foods
Dean Foods Company is one of the leading food and beverage companies in
the United States. Its Dairy Group division is the largest processor and
distributor of milk and other dairy products in the country, with products
sold under more than 50 familiar local and regional brands and a wide array of
private labels. The Company’s WhiteWave Foods subsidiary markets and sells a
variety of well-known dairy and dairy-related products, such as Silk(R)
soymilk, Horizon Organic(R) milk and other dairy products and International
Delight(R) coffee creamers. WhiteWave Foods’ Rachel’s Organic(R) brand is the
largest organic milk brand and third largest organic yogurt brand in the
Investor Contact: Barry Sievert Senior Director, Investor Relations (214) 303-3437 Media Contact: Marguerite Copel Vice President, Corporate Communications (214) 721-1273
SOURCE Dean Foods Company
Investors, Barry Sievert, Senior Director, Investor Relations, +1-214-303-3437, or
Media, Marguerite Copel, Vice President, Corporate Communications, +1-214-721-1273,
both of Dean Foods Company